How long after an SPD has been amended does the plan administrator have to update it?

The plan administrator must update the Summary Plan Description (SPD) within a specific timeframe following an amendment to ensure that participants are informed about their rights and benefits under the plan. The correct timeframe is 5 years. This requirement aligns with regulations under the Employee Retirement Income Security Act (ERISA), which mandates that SPDs must be updated and distributed to plan participants within this five-year window after an amendment is made. This ensures that the information provided to participants is accurate and reflects any changes in plan operations, thereby promoting transparency and compliance with regulatory standards.